James K. Galbraith explains why a new effort to revive an old economic-policy doctrine is doomed to fail.
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Economics
Aug 4, 2026
James K. Galbraith
Three prominent economists, including a former Federal Reserve governor and adviser to US President Donald Trump, have just endorsed “soft monetarism” as a way to guide the Fed's approach to inflation. But the "quantity theory" of money failed for good reasons, and those reasons have not changed.
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